- While
independent pharmacies are currently struggling due to market
consolidation, there are revenue generation opportunities to be seized
- Technological
solutions can give independent pharmacies more information about their
customer profiles, enabling personalized campaigns
- Trxade
Group has made it possible for small pharmacies to seek the most
affordable drug sources and to also collect valuable data to optimize
their performance
Competition continues to be a major challenge for small and
independent pharmacies to overcome. As mass merchants try to consolidate with
smaller industry representatives in an attempt to dominate the market, many of
the independent pharmacies could perish, as a pharmacy outlook report
suggests (http://ibn.fm/bVGHZ).
Independent pharmacies, however, can also benefit from
massive growth opportunities in the years to come. When looking for such
opportunities, potential clients are predominantly interested in proximity.
Independent pharmacies are found within the community, and they’ve been known
to provide a better, much more personalized service than some of the larger,
national chains.
The pharmaceutical industry is anticipated to grow at an
annualized rate of 5.7 percent through 2022. At this pace, the market will
reach $393.1 billion by the end year of the forecast period, creating excellent
opportunities for well-established industry representatives.
Independent pharmacies still have the capacity to generate
extra revenue through modernization and the selection of integrated data
analysis/management solutions. The adoption of tech offerings like those
developed by Trxade Group Inc. (OTCQB: TRXD) is one of the ways to
gain competitive advantage.
Trxade Group’s Trxade Exchange opens and widens distribution
channels from which independent pharmacies can benefit. Users of the service
can view products from manufacturers, wholesalers and buying groups. Real-time
information enables independent pharmacies to benefit from the lowest prices at
any given time.
The trading software’s membership has reached 10,500
pharmacies out of the 24,000 independent establishments in the U.S. By joining
the Trxade Exchange, these pharmacies can compete with large pharmaceutical
chains’ ability to buy in bulk and benefit from the lowest prices possible.
Through its platform, as well as the upcoming launch of
other innovative products, Trxade Group is working hard to empower small,
independent pharmacies. The company announced that, due to high demand, it will
continue rolling out innovative products in the future. New product offerings
have already been developed to offer increased data analysis capacity and
better inventory/cost management.
User analytics is one of the primary tools that independent
pharmacies can rely on to increase revenue (http://ibn.fm/lQEwh). When relevant information is being
collected on an ongoing basis, pharmaceutical businesses can understand what motivates
customers and how to optimize each individual relationship. Through access to
the right information, smaller pharmacies can experiment with pricing policies,
promotional campaigns and loyalty programs that are bound to generate repeat
business.
Trxade Group is an integrated pharmaceutical service company
that offers a unique combination of web-purchasing capabilities for
transactions between independent pharmacists and drug distributors, a network
of pharmacies with E-HUB software, a specialty pharmacy and warehouse and drug
delivery services.
For more information, visit the company’s website at www.TrxadeGroup.com
NOTE TO INVESTORS: The latest news and updates
relating to TRXD are available in the company’s newsroom at http://ibn.fm/TRXD
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